Sight Sciences Expects Higher Q4 Revenue Despite Certain Headwinds

(RTTNews) - Sight Sciences, Inc. (SGHT), Tuesday reported an increase in the fourth-quarter revenue, supported by improved surgical Glaucoma revenue.

The company said the results came in below its expectations as an impact of the new LCDs by five Medicare contractors that became effective in mid-November and restrict Medicare coverage for multiple MIGS procedures.

For the quarter, total revenue is expected to be in the range of $18.9 to $19.1 million, an increase of 1 percent at the estimated midpoint compared to the prior year.

Surgical Glaucoma revenues are expected to increase by 9 percent to $18.7 to $18.8 million, at the estimated midpoint compared to the prior year.

Dry Eye revenues are expected to be significantly down in the range of $0.2 million to $0.3 million, while it was up $1.6 million last year.

For the full year 2024, the company expects total revenue in a range of $79.7 to $79.9 million, a decrease of 2 percent at the estimated midpoint than the previous year.

Surgical Glaucoma revenues for the full year are expected to be in the range of $75.8 to $75.9 million, an increase of 2% at the estimated midpoint from the prior year. Meanwhile, Dry Eye revenues for the fiscal are expected to decline to a range of $3.9 million to $4.0 million, compared to $6.7 million in 2023.

Analysts, on average, project revenue of $20.29 million for the fourth quarter, and $81.19 million for the full year 2024.

In the pre-market hours, Sight Sciences' stock is trading at $3.24, down 0.31 percent on the Nasdaq.